Jeffrey Flug - Aug 21, 2023 Form 4 Insider Report for Shake Shack Inc. (SHAK)

Role: Director, 10%+ Owner
Signature: /s/ Ronald Palmese, Jr., Esq., Attorney-in-Fact for Jeffrey Flug
Stock symbol: SHAK
Transactions as of: Aug 21, 2023
Transactions value $: -$138,812
Form type: 4
Date filed: 8/23/2023, 04:16 PM
Previous filing: Jun 29, 2023
Next filing: Dec 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHAK	CLASS A COMMON STOCK	Sale	-$139K	-1.99K	-23.38%	$69.86	6.51K	Aug 21, 2023	Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	The transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan entered into on May 18, 2023.
F2	The transaction was executed in multiple trades at prices ranging from $69.635 to $70.085. The price reported above reflects the weighted average sales price.
F3	Mr. Flug hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.